Midwest IPO allotment: Check application status, latest GMP listing date & more

Midwest is likely to finalize the basis of allotment of its shares on Monday, October 20. Applicant bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate either on Monday or latest after Diwali holidays on Thursday, October 23. The natural stones player saw a robust bidding response from the investors.

The IPO of Midwest was open for bidding between October 15 and October 17. It had offered its shares in the price band of Rs 1,014-1,065 per share with a lot size of 14 shares. The company raised a total of Rs 451 crore via IPO, which included a fresh share sale of Rs 250 crore and offer-for-sale (OFS) of up to 18,87,323 equity shares Rs 201 crore.

The issue was overall subscribed a solid 87.89 times fetching more than 23.08 lakh applications, fetching bids for nearly Rs 29,200 crore. The allocation for the qualified institutional bidders (QIBs) was subscribed 139.87 times, while the portion for non-institutional investors' (NIIs) was subscribed 168.07 times. However, the quotas for retail investors and employees were booked 24.26 times and 24.44 times, respectively.
 

Based on the bidding, here are the odds of allotment for IPO of Midwest:

• Big HNI category: 1 investor out of 40 investors will get 196 shares (Probability: 2.50 per cent)
• Small HNI category: 1 investor out of 120 investors will get 196 shares (Probability: 0.83 per cent)
• Retail category: 1 investor out of 20 investors will get 30 shares. (Probability: 5 per cent)
   

The grey market premium (GMP) of Midwest has seen a sharp correction, despite a strong bidding amid jittered broader market sentiments. Last heard, the company was commanding a grey market premium of Rs 100-105 per share in the unofficial market, suggesting a listing gain of 9-10 per cent for the investors. The GMP stood at Rs 175 before the issue had closed for the bidding.

Incorporated in 1981, Hyderabad-Midwest is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones. It is a producer and exporter of Black Galaxy Granite, a unique granite variety known for its sparkling golden flakes. Midwest operates 16 granite mines across 6 locations in Telangana and Andhra Pradesh

Dam Capital Advisors, Intensive Fiscal Services and Motilal Oswal Investment Advisors are the book running lead managers and Kfin Technologies is the registrar of the issue. Refund initiation and credit of shares shall be initiated on Thursday, October 23. Shares of the company shall be listed on both BSE and NSE on Friday, October 24.

Investors, who had bid for the issue of Midwest, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1. Visit https://www.bseindia.com/investors/appli_check.aspx
2. Under the issue type, click Equity
3. Under the issue name, select Midwest Limited in the dropbox
4. Write the application number
5. Add the PAN card ID
6. Click on 'I am not a Robot' and hit search button
7. Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

1. Go to the web portal of KFin Technologies Limited
2. Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3. You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4. In application type, select between ASBA and non-ASBA
5. Enter the details of the mode you selected in Step 2
6. For security purposes, fill the captcha accurately
7. Hit submit.